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Economy of Ficko
The economy of Ficko is the largest in the Kalooki Corner, with a nominal Gross-Domestic Product (GDP) of sq11.23 quadrillion as of 2019, Mt, the second largest economy being that of Evancya, at sq6.67 quadrillion. Ficko is also the centre of the UFP economic union, the economic organisation operating and trading throughout the former-UFP. For the last ten years (since 2009, Mt), Ficko has been elected as the leader of the UFP EU, and thus has guided the direction of the union for many years. Ficko's economy is one of state capitalism and state intervention, as it has arguably been since the Fardin period of 1905-1941, whereby the government has heavily regulated businesses, though during the Schoosh presidencies this was less prominent, and the government invests in businesses. Today, the largest businesses and companies in Ficko are owned either partly or wholly by the Fickolean government. The Fickolean government is the biggest investor in the KC. The Fickolean economy is one of the most technologically advanced, pioneering personal technology, robotics, chemicals, pharmacological sciences, space technology, energy and defence. History Main article: History of the Fickolean Economy Fardin Period, 1905-1941 After the success of the Fardin period in the 1905 election, the Fardin Period of Fickolean history began, and the Fickolean government began to implement socialist policies such as the nationalisation of schools, hospitals, power-plants, factories, and eventually businesses. During the Fardin Communist Period, almost all property was owned by the state, and most businesses were owned and operated by the state, however they retained brand names and continued to sell goods and services. All businesses were forced into 'democratisation' whereby the direction of the company would be decided and dictated by a group of elected officials from within the company, rather than a board of shareholders. Post-Fardin Period, 1941-1963 In the years after the Fardin Period, following President Yove Kanib's assassination, public and state-owned companies were publicly traded, however limits to the number of shares that could be sold to any one given share-holder were put in place. Some business-people were able to buy shares of other individuals in numerous different large companies, and subsequently became rich, and others were allowed to keep their pre-existing stock, such as ex-state officials and founders of companies who had been allowed to do this by the Fardin government. Vast swathes of government assets including factories, military supplies and transport, transportation networks, investment funds and so on were sold off to newly formed Fickolean corporations using government loans and providing they allowed government oversight. This process lasted into 1963, after President Marie Mennings set out her vision for a 'slow transition of assets', leaving some assets under the 'protection' of the state until they could be reasonably divided up and sold. The Fickolean anti-monopolist board became a much larger and more well-funded organisation during the Presidency of Gordon Biggog. Government roll-back, 1963-1993 Between 1963 and 1978, Schoosh President Mary Haveland made major changes to the government, lowering interest rates significantly, allowing more companies to take out larger loans from the government and to repay them faster, and also allowing the establishment of public for-profit banks, leading to the creation of Trinsis, and the recreation of Whynil using revenue from Apporrossian operations. After Mary Haveland, under Fred Bomb, government roll-backs became more serious. Bomb promised to reduce planetary debt, but in fact increased expenditure on both military and financial projects such as the New Ficko City Share Market, in which new companies could pay less tax and trade on a new publicly owned stock market. Taxes, specifically corporation taxes, were lowered, especially in the highest brackets. Dranklism, 1993- After the election of Drankli Panda, major economic and tax reforms were made. Taxes were raised, especially in the highest brackets, numerous infastructure projects begun, and the Central Mortgage Bank of Ficko was established to manage mortgages for lower interest rates. Today, the Fickolean economy involves a great deal of state investment, in which the state invests in and owns a significant proportion of the private sector, and the public sector has undergone significant expansion, with buy-backs of medical and pharmaceutical companies, as well as nationalisation of prison systems, numerous textile manufacturers, production and construction companies. As well as this, more money was spent increasing oversight of funding, and regulation of organisations, companies and banks. Public spending and taxation Public Spending The Tap government of 1993 (Mt) onwards has rapidly increased public spending, both as part of investment firms and state-owned holding companies, but also in the development of pharmacological research and drugs, construction and infrastructure projects including the 'hyperloop' system , the on-going 'Gladvia project', development of super-spaceways, wormhole ports, bridges and so on. Taxes Taxes in Ficko are, at present, at the highest level they have been since 2000 (Mt). Though this disinclines many investors and leads to headquarters outside Ficko, the Fickolean market has become large and attractive enough to bring businesses back. As well as this, tariffs imposed on non-Fickolean products makes re-basing less financially viable for businesses. The Level of taxes for those in the highest brackets, earning upwards of sq1trillion, as well as the difficulty for individuals to reap profits from their own companies, has led to significantly fewer super-rich individuals in Ficko compared to other planets. State investment The Government is known for its vast investment ventures into the private sector, including investing in indices, alternative currencies, corporations, and commodities. In 1999, the Fickolean government set up numerous different investment boards to oversee Fickolean investment. The 'Fickolean Corporate Investment Authority' today oversees trillions of square worth of investments into public corporations and banks, as well as overseeing mergers and government acquisitions. Sectors Agriculture The Fickolean agricultural sector is comparatively much larger than other planets in Anglon, with much farmland being used in the production of vegetable oils to form bioplastics and fuel sources. In the production of these, vast swathes of Fickolean land are used, and crops are usually genetically engineered to improve their yield. Fickolean agriculture produces a surplus of food, much of it being exported to other, close-by planets such as Apporross, Demark and Doloosioo. Ficko produces a large yield of rare plants such as fneed, as well as soya and barley, but it mostly exports grain and wheat as crops, and vegetable oils such as mura plants as a fuel. Manufacturing The composition of the Fickolean economy is largely made up by the manufacturing industry. Fickolean factories, labs and companies manufacture products for both Fickolean and non-Fickolean companies, as well as other planets. Everything from stationary to technological hardware to automobiles to vast spaceships is manufactured in factories in Ficko. The spaceship manufacturing industry especially grossed around sq400trillion in the last galaptagon. Companies such as JSPP Anglon, Jumbo, Megile Space, DM-Badger and others use Fickolean state-of-the-art factories to manufacture their largest spaceships. The automotive industry is also one of the largest in the KC, with hundreds of automobile and plane companies also manufacturing spaceships, such as Blue Rider, Oron, Dolon Rb, Jameson Robotics and Dendyboy. Cars in Ficko are often the product of multiple companies, one company making the motor, others making the battery, others making the body, and others designing, et cetera. Pharmaceuticals One of the largest industries in Ficko is the pharmaceutical industry, especially large proportional to the size of other pharmaceutical industries throughout the KC. In Ficko, almost all drugs are legal, and as such recreational drugs are often manufactured by companies. Pharmacological treatments for mental health problems are also extremely common, as is drug research. As such pharma-companies such as Numpence and Big Giant make immense revenue, as do many other companies of the same sort. Exports Biggest Export Partners See also: Fickolean Exports Ficko has more export partners than most other KC planets, as it has formed a long history of trade with many planets through the UFP, Anglonian Trade Committee, and Interstellar expansion programmes. The following is an incomplete list of Ficko's biggest trading partners in terms of exports; For complete list, see 'Fickolean Exports'